Politifact 2012 Lie of the Year turns come true: Chrysler building tree Jeep models in China

Remember when PolitiFact called Mitt Romney’s ad stating Obama “sold Chrysler to Italians who are going to build Jeeps in China” 2012′s “Lie of the Year?

Well, Politifact’s “2012 Lie of the Year” turns out not to be a lie at all. Not only is Chrysler / Fiat building a Jeep in China (for the China market), FCA (Fiat Chrysler Autos) is actually planning to construct three Jeep vehicles in China:

Fiat and Chrysler announced plans Saturday to build three new Jeep models in China for that market, the biggest for the vehicles outside the United States, as they attempt to boost sales in a country where they lag behind their competitors.

The automakers said they will expand their joint venture with China’s Guangzhou Automobile Group Co. Ltd., and increase the portfolio of Jeeps, which are currently imported to China.

Production is expected to start in late 2015 in Guangzhou, the companies said in a statement, adding that they are considering a Jeep model “uniquely designed for China.”

Chrysler Group LLC spokesman Gualberto Ranieri declined to provide details on that model. He said in an email that more information will be announced at an “appropriate time.”

Fiat and Chrysler CEO Sergio Marchionne, who plans to complete the legal merger of Fiat and Chrysler by the end of the year, said in the statement that the deal represents the next phase in the “expansion on a global scale of the Jeep brand.”

Chrysler building Jeeps in China for the China market is actually a good thing. It causes a few more dollars to flow back to our shores.

After all that bluster about not bailing out Detroit, Obama is sending bailout money to Detroit

You knew an Obama bailout for Detroit was going to happen:

Detroit just gets more publicity because the city is inching ever closer to filing for bankruptcy, and a taxpayer bailout.

MCT May 25th, 2013

Early in the discussion of Detroit potentially filing for bankruptcy, Obama and his henchmen repeatedly denied the possibility of a Federal bailout of Detroit. Remember this gem issued by Dear Leader?

“The President and members of the President’s senior team continue to closely monitor the situation in Detroit.  While leaders on the ground in Michigan and the city’s creditors understand that they must find a solution to Detroit’s serious financial challenge, we remain committed to continuing our strong partnership with Detroit as it works to recover and revitalize and maintain its status as one of America’s great cities.”

My how times have changed:

The two sources, who spoke late Tuesday on condition of anonymity because they weren’t authorized to disclose the information, confirmed talks about the federal government supporting a state move to funnel $100 million in federal money to Detroit for blight remediation.

That would free up $100 million of more than $500 million that emergency manager Kevyn Orr plans to spend for blight removal over the next 10 years. Orr could then use that money to reduce pension cuts.

Instead of setting a strong precedence by forcing government workers to tighten their belts like the rest of us, Santa Barack will simply “funnel” money and make it all better. And remind everyone during the 2014 election.

Taxes are for little people according to some members of Congress

Taxes are for little people according to some members of Congress, including those responsible for writing the tax code.

Via CNN:

But a CNN investigation of all 39 Democrats and Republicans on the committee found that at least eight members have faced tax problems of their own.

For example, New York Rep. Tom Reed has been late paying his property taxes at least 46 times since 2005. And he racked up more than $6,200 in penalties and interest on more than $100,000 in taxes, according to county records.

On a stunning lake house in New York’s Finger Lakes region and a home in Corning, Reed missed a combined 16 tax payments over nine years.

On three other buildings in Corning and another in Bath Village, Reed had a total of 20 late payments over eight years.

And on a mobile home park and two other commercial properties, Reed was late on his taxes 10 times since 2007, according to county records.

So what happened?

“You know it’s just like a lot of people, these are things that just happen and they were paid within the allotted time,” Reed told CNN.

But unlike a lot of people, Reed is charged with writing the nation’s tax laws.

Nice to see our tireless public servants are living such a wonderful lifestyle.

As a side note it’s no surprise that the partisans at CNN can find only the slightest amount of intestinal fortitude to list a single Democrat, the well known tax cheat Charlie Rangel, in the entire article.

Tax Freedom Day is April 21st, for income taxes. But what about the rest of the taxes?

Chris Wy (who’s pretty fly for a Jersey guy) discusses how average Americans are approaching 2014′s Tax Freedom Day. The day where Americans have finally paid their federal and state income taxes:

More than 1/3 of every dollar I make gets shipped off into a black hole. That’s not “freedom.” Not in my book.

Sure, approximately 1/3 of of your paycheck is confiscated by the Fed’s and your state government for redistribution. However, this isn’t the whole picture. There are a myriad of other taxes and fees imposed (most reside in the fine print) on us by government on all levels that you might not notice. Taxes such as cell phone, cable, sales, energy and gasoline taxes. This is something John Stossel has been covering for years.

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When you sum it all up, the real ‘Tax Freedom’ day for an average American is closer to the Fourth of July than mid April.

midpoint of 2014

Depressing isn’t it? Work half the year to pay all your taxes…

Oh! This doesn’t include inflation, a type of hidden tax that makes everything more expensive.

Fed Chairwoman Yellen claims low inflation is at the root of our weak economy

Everyone needs to grab their wallet, things are about to become even more expensive than they are today. Via Larry Kudlow:

It used to be hypothesized that low inflation was the key to high economic growth. For everybody in the economy, low inflation was a tax cut. Conversely, rapidly rising prices were thought to penalize the economy by placing a tax-hike effect on investors, businesses, and families. It was this logic that spurred Paul Volcker (especially) and then Alan Greenspan to labor mightily in the 1980s and 1990s to bring inflation down.

The Fed’s favorite inflation measure — the personal consumption deflator — has risen about 1 percent over the past year, as has the consumer price index. When I grew up professionally in the 1970s, first as a New York Fed staffer and then as a Wall Street economist, no one — and I mean no one in their right mind — would ever have dreamed that double-digit inflation could be brought down to 1 percent. But Janet Yellen is now telling us that low inflation is a sign, and perhaps even a cause, of the weak economy.

The Wall Street Journal headline last week was “Fed Shows Growing Worry about Low Inflation.” As the narrative unfolds, both the Federal Reserve and the IMF blame low inflation for small wage gains, excess business capacity, and soft global demand.

Not for one nanosecond should anybody believe this nonsense.

Kudlow is being charitable by ascribing altruistic motives to Chairwoman Yellen (and by extension our ‘Leaders’ in Washington).

“You know, we need to do something about the weak economy and high unemployment…”

In reality, politicians in Washington want high inflation to facilitate spending more money without raising taxes to pay for the spending. Furthermore, creating inflation also allows politicians a clever way to avoid accounting for the full amount deficit spending they are engaging in.

Milton Friedman explained this nicely way back in 1978:

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Friedman really hit the nail on the head how “we the people” are complicit in this. Well, not all “we the people.

Rare Shelby Mustang GT500 found under 40 years of dust

garage find 1969_ford_shelby_mustang_gt_500_428_cobra_jet

This is amazing:

A 1969 Ford Mustang Shelby GT500 428 Cobra Jet is a mouthful to say but it will drop any car enthusiasts jaw. This particular garage-find was owned and perfectly preserved by a now-deceased automotive connoisseur.

Larry never washed the car for fear of scratching the paintjob or cause even the slightest bit of rust. Yahoo News estimates that the only time the car was ever washed was before delivery. Accordingly, the car is in absolute show room condition, except for a layer of dust.

This snake features a larger, 428-cubic-inch Cobra Jet engine mated to a four-speed manual transmission, which has only run 8,500 miles in total. The spark plugs, belts, fan, and hoses are all original. The only items that are not from 1968 are the tires.

If you have an extra 100K laying around, this would make a fantastic investment.

Here’s a short but interesting video discussing the history of the Shelby Mustang:

Earth Hour: Why celebrate turning off our lights when electricity has done so much to advance the human condition?

Tonight is the goofy “Earth Hour” where eco-fanatics in the developed world sit in darkness for an hour, contemplating whatever eco-loons contemplate:

On Saturday March 29th at 8:30pm, millions of people across the world are switching off lights for one hour – to celebrate their commitment to the planet.

However, it should be noted that electricity use = greater life expectancy.

electricity-life expectancyRemind me again why we’re making electricity more scarce rather than more plentiful?

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And, if you don’t play along with their insanity, eco-loons want to go with a medieval inquisition to get ‘climate deniers’ minds right.